Recent animal disease outbreaks and growing prevalence of various lifestyle induced diseases such as obesity and diabetes are also expected to have a positive impact on the market growth. High price of various meat substitutes is expected to hinder the market growth. Increasing R&D initiatives to develop superior and cheaper products is expected to yield opportunities for market participants.

Soy emerged as the major raw material used for producing meat substitute products. Soy alone accounted for over 80% of total market revenue in 2014. Growing demand for nutritional food on account of growing health concerns is expected to drive this segment over the forecast period. Soy based meat substitutes is a good source of vitamin B, protein and Iron. Wheat is expected to be the fastest growing raw material use for producing meat substitutes. The segment is expected to grow at an estimated CAGR of 10.0% from 2015 to 2022.

Global meat substitute market was valued at USD 3,336.5 million in 2014 and is expected to reach USD 5,810.1 million by 2022, growing at a CAGR of 7.5% from 2015 to 2022.Textured vegetable protein (TVP) emerged as the leading product segment and accounted for 43.7% of total market revenue in 2014. Increasing demand for soy based meat substitutes is expected to drive this segment over the forecast period. Seitan is expected to witness the highest growth of 9.8% from 2015 to 2022. Growing wheat gluten consumption in Asia Pacific is expected to drive this segment over the forecast period.

Europe emerged as the leading regional market and accounted for 42.0% of total market revenue in 2014. Growing health concerns particularly in developed economies of Europe is expected to drive the regional market over the forecast period. Asia Pacific is expected to witness the highest growth of 8.6% from 2015 to 2022. Increasing disposable income level particularly in India, China and Indonesia is expected to drive the regional market.

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